{"id":1194,"date":"2023-08-23T21:43:36","date_gmt":"2023-08-23T12:43:36","guid":{"rendered":"https:\/\/archibank.co.jp\/komon\/?p=1194"},"modified":"2023-08-24T20:21:08","modified_gmt":"2023-08-24T11:21:08","slug":"reduction","status":"publish","type":"post","link":"https:\/\/archibank.co.jp\/komon\/reduction","title":{"rendered":"\u76f4\u63a5\u9084\u5143\u6cd5\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac 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width=\"567\">\u9084\u5143\u5229\u56de\u308a\uff1d1\u5e74\u9593\u306e\u7d14\u5229\u76ca\uff08\u5bb6\u8cc3\u53ce\u5165-\u7d4c\u8cbb\uff09\u00f7\u4e0d\u52d5\u7523\u4fa1\u683c\u00d7100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u9084\u5143\u5229\u56de\u308a\u306f\u3001\u4e0a\u8a18\u306e\u8a08\u7b97\u5f0f\u306e\u4ee5\u5916\u306b\u3001\u5468\u8fba\u5730\u57df\u306e\u985e\u4f3c\u7269\u4ef6\u3092\u53c2\u8003\u306b\u3057\u3066\u6c42\u3081\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3002\u307e\u305f\u3001\u5468\u8fba\u5730\u57df\u3067\u306e\u9084\u5143\u5229\u56de\u308a\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u96e3\u3057\u3044\u30b1\u30fc\u30b9\u3067\u306f\u3001\u60f3\u5b9a\u5229\u56de\u308a\u3067\u4ee3\u7528\u3059\u308b\u5834\u5408\u3082\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u7269\u4ef6\u306e\u8af8\u6761\u4ef6\u306b\u9069\u3057\u305f\u5229\u56de\u308a\u6d3b\u7528\u3057\u3066\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\u306b\u8fd4\u3059\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3002\u76f4\u63a5\u9084\u5143\u6cd5\u306b\u3088\u308b\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u7b97\u51fa\u306f\u6b21\u306e\u8a08\u7b97\u5f0f\u3067\u6c42\u3081\u308b\u3002<\/p>\n<p>\u63a8\u5968\u3059\u308b\u8a08\u7b97\u65b9\u6cd5\u306f\u3001NOI\u5229\u56de\u308a\u307e\u305f\u306f\u9084\u5143\u5229\u56de\u308a\u3092\u7528\u3044\u305f\u8a08\u7b97\u5f0f\u3067\u3042\u308b\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1197\" src=\"https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/03-1.jpg\" alt=\"\u30dd\u30a4\u30f3\u30c82\" width=\"1299\" height=\"337\" srcset=\"https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/03-1.jpg 1299w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/03-1-300x78.jpg 300w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/03-1-1024x266.jpg 1024w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/03-1-768x199.jpg 768w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/03-1-304x79.jpg 304w\" sizes=\"auto, (max-width: 1299px) 100vw, 1299px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3>\u3010\u5177\u4f53\u4f8b\u3011\u76f4\u63a5\u9084\u5143\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u3066\u307f\u308b<\/h3>\n<p>\u6b21\u306b\u3001\u5177\u4f53\u4f8b\u3068\u3057\u3066\u3001NOI\u5229\u56de\u308a\u3092\u5229\u7528\u3057\u305f\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u308b\u30021\u68df20\u6238\u306e\u30ef\u30f3\u30eb\u30fc\u30e0\u30de\u30f3\u30b7\u30e7\u30f3\u3068\u3059\u308b\u3002<\/p>\n<p>\u3010\u76f4\u63a5\u9084\u5143\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u308b\u5177\u4f53\u4f8b\u3011<\/p>\n<p>\u30fbNOI\u5229\u56de\u308a\u306f5\uff05<\/p>\n<p>\u30fb1\u5e74\u9593\u306e\u7d14\u5229\u76ca\u306f120\u4e07\u5186<\/p>\n<p>\u30fb120\u4e07\u5186\u00f75\u00d7100\uff1d2,400\u4e07\u5186<\/p>\n<p>NOI\u5229\u56de\u308a\u304c5\uff05\u306e\u5834\u5408\u306f\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\uff08\u8a55\u4fa1\u984d\uff09\u306f2,400\u4e07\u5186\u3067\u3042\u308b\u3002\u7d9a\u3051\u3066\u3001\u7d14\u5229\u76ca\u3092\u5909\u3048\u305a\u306b\u8868\u9762\u5229\u56de\u308a\u3092\u5229\u7528\u3057\u3066\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u7b97\u51fa\u3057\u3066\u307f\u308b\u3002<\/p>\n<p>\u30fb\u8868\u9762\u5229\u56de\u308a\u306f6\uff05<\/p>\n<p>\u30fb1\u5e74\u9593\u306e\u7d14\u5229\u76ca\u306f120\u4e07\u5186<\/p>\n<p>\u30fb120\u4e07\u5186\u00f76\u00d7100\uff1d2,000\u4e07\u5186<\/p>\n<p>\u8868\u9762\u5229\u56de\u308a\u306b\u306f\u3001\u7a7a\u5ba4\u6642\u306e\u5bb6\u8cc3\u53ce\u5165\u6e1b\u5c11\u304c\u542b\u307e\u308c\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u5229\u56de\u308a\u306e\u5024\u306f\u5927\u304d\u304f\u306a\u308a\u304c\u3061\u3067\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\uff08\u8a55\u4fa1\u984d\uff09\u306f\u4e0b\u304c\u308b\u50be\u5411\u3068\u306a\u308b\u306e\u3060\u3002\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u3001\u76f4\u63a5\u9084\u5143\u6cd5\u3092\u7528\u3044\u308b\u5834\u5408\u306f\u3001\u7d14\u5229\u76ca\u3068NOI\u5229\u56de\u308a\u3092\u77e5\u308b\u3053\u3068\u304c\u91cd\u8981\u3060\u3002\u9069\u6b63\u306a\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u77e5\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u305f\u3081\u3001\u5b89\u5fc3\u3057\u3066\u53d6\u5f15\u304c\u3067\u304d\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>DCF\u6cd5\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/h2>\n<p>DCF\u6cd5\u306f\u3001\u8a08\u7b97\u304c\u76f4\u63a5\u9084\u5143\u6cd5\u3088\u308a\u3082\u8907\u96d1\u3067\u3042\u308b\u304c\u3001\u7cbe\u5ea6\u306e\u9ad8\u3044\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u7b97\u51fa\u304c\u53ef\u80fd\u3067\u3042\u308b\u3002\u3053\u3053\u3067\u306f\u3001 DCF \u6cd5\u306e\u57fa\u790e\u3068\u8a08\u7b97\u5f0f\u3092\u89e3\u8aac\u3057\u3001\u5177\u4f53\u7684\u306a\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3002<\/p>\n<p>&nbsp;<\/p>\n<h3>DCF\u6cd5\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3082\u4f75\u305b\u3066\u89e3\u8aac<\/h3>\n<p>DCF\u306fDiscounted Cash Flow\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u7565\u8a9e\u3067\u3042\u308b\u3002\u5c06\u6765\u5f97\u3089\u308c\u308b\u53ce\u76ca\u3068\u58f2\u5374\u4fa1\u683c\u304b\u3089\u73fe\u5728\u306e\u4fa1\u5024\u304b\u3089\u5272\u5f15\u304d\u3001\u305d\u308c\u3089\u3092\u5408\u8a08\u3057\u3066\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u65b9\u6cd5\u3060\u3002DCF\u6cd5\u306b\u3088\u308a\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u308b\u8a08\u7b97\u5f0f\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1198\" src=\"https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/04.jpg\" alt=\"\u30dd\u30a4\u30f3\u30c83\" width=\"1299\" height=\"424\" srcset=\"https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/04.jpg 1299w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/04-300x98.jpg 300w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/04-1024x334.jpg 1024w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/04-768x251.jpg 768w, https:\/\/archibank.co.jp\/komon\/wp-content\/uploads\/2023\/08\/04-304x99.jpg 304w\" sizes=\"auto, (max-width: 1299px) 100vw, 1299px\" \/><\/p>\n<p>DCF\u6cd5\u306e\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u58f2\u5374\u4e88\u5b9a\u5e74\u6570\u5206\u30921\u5e74\u3054\u3068\u306b\u8a08\u7b97\u3059\u308b\u3053\u3068\u3067\u3042\u308a\u3001\u3053\u308c\u304c\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u3060\u3002\u307e\u305f\u3001\u5e74\u9593\u5272\u5f15\u7387\u3092\u6240\u6709\u5e74\u6570\u3067\u4e57\u3058\u308b\u3053\u3068\u3082\u5927\u5207\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3042\u308b\u3002\u5e74\u9593\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u65b9\u6cd5\u306f\u3001\u5efa\u7269\u56fa\u6709\u306e\u6761\u4ef6\u304b\u3089\u6c42\u3081\u3066\u3044\u304f\u3068\u3044\u3046\u6307\u91dd\u304c\u56fd\u571f\u4ea4\u901a\u7701\u304b\u3089\u51fa\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<p>\u3042\u304f\u307e\u3067\u3082\u4eee\u5b9a\u306e\u6570\u5024\u3067\u3042\u308b\u305f\u3081\u3001\u5b9f\u969b\u306b\u306f\u3001\u985e\u4f3c\u3057\u305f\u4e0d\u52d5\u7523\u3084\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u4e8b\u4f8b\u304b\u3089\u3001\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3057\u3066\u3044\u308b\u5834\u5408\u3082\u5c11\u306a\u304f\u306a\u3044\u3002\u307e\u305f\u3001\u91d1\u878d\u8cc7\u7523\u306e\u6295\u8cc7\u5229\u56de\u308a\u3092\u53c2\u8003\u306b\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308a\u3001\u4e00\u822c\u7684\u306b\u306f3\uff5e5\uff05\u7a0b\u5ea6\u3067\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<h3>\u3010\u5177\u4f53\u4f8b\u3011DCF\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u3066\u307f\u308b<\/h3>\n<p>\u6b21\u306b\u3001DCF\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u308b\u4e8b\u4f8b\u3092\u5177\u4f53\u7684\u306b\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3002\u7269\u4ef6\u306f\u30011\u68df20\u6238\u306e\u30ef\u30f3\u30eb\u30fc\u30e0\u30de\u30f3\u30b7\u30e7\u30f3\u3067\u3042\u308a\u30015\u5e74\u5f8c\u306b2,000\u4e07\u5186\u3067\u58f2\u5374\u3068\u3059\u308b<\/p>\n<p>\u3010DCF\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u6c42\u3081\u308b\u5177\u4f53\u4f8b\u3011<\/p>\n<p>\u30fb1\u5e74\u9593\u306e\u7d14\u5229\u76ca\u306f120\u4e07\u5186<\/p>\n<p>\u30fb\u5272\u5f15\u7387\u306f5\uff05<\/p>\n<table width=\"566\">\n<tbody>\n<tr>\n<td width=\"97\">\u6240\u6709\u5e74\u6570<\/td>\n<td width=\"148\">\u5e74\u9593\u7d14\u5229\u76ca\u306e\u5408\u8a08<\/td>\n<td width=\"321\">\u4e88\u60f3\u58f2\u5374\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u683c<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">1\u5e74\u76ee<\/td>\n<td width=\"148\">120\u4e07\u5186<\/td>\n<td width=\"321\">120\u4e07\u5186\u00f7\uff081+0.05\uff09\uff1d114\u4e07\u5186<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">2\u5e74\u76ee<\/td>\n<td width=\"148\">120\u4e07\u5186<\/td>\n<td width=\"321\">120\u4e07\u5186\u00f7\uff081+0.05\uff09<sup>2\uff1d<\/sup>110\u4e07\u5186<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">3\u5e74\u76ee<\/td>\n<td width=\"148\">120\u4e07\u5186<\/td>\n<td width=\"321\">120\u4e07\u5186\u00f7\uff081+0.05\uff09<sup>3\uff1d<\/sup>104\u4e07\u5186<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">4\u5e74\u76ee<\/td>\n<td width=\"148\">120\u4e07\u5186<\/td>\n<td width=\"321\">120\u4e07\u5186\u00f7\uff081+0.05\uff09<sup>4\uff1d<\/sup>99\u4e07\u5186<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">5\u5e74\u76ee<\/td>\n<td width=\"148\">120\u4e07\u5186<\/td>\n<td width=\"321\">120\u4e07\u5186\u00f7\uff081+0.05\uff09<sup>5\uff1d<\/sup>94\u4e07\u5186<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" width=\"566\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"245\">\u58f2\u5374\u4fa1\u683c<\/td>\n<td width=\"321\">2,000\u4e07\u5186\u00f7\uff081+0.05\uff09<sup>5\uff1d<\/sup>1,567\u4e07\u5186<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"245\">\u4e0d\u52d5\u7523\u4fa1\u683c\uff08\u4fa1\u5024\uff09<\/td>\n<td width=\"321\">114\u4e07\u5186+110\u4e07\u5186+104\u4e07\u5186+99\u4e07\u5186+94\u4e07\u5186+1,567\u4e07\u5186\uff1d2,178\u4e07\u5186<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\uff08\u4e07\u5358\u4f4d\u3092\u56db\u6368\u4e94\u5165\uff09<\/p>\n<p>DCF\u6cd5\u306b\u3088\u308a\u3001\u8a72\u5f53\u4e0d\u52d5\u7523\u306e\u4e0d\u52d5\u7523\u4fa1\u683c\uff08\u4fa1\u5024\uff09\u3092\u7b97\u51fa\u3059\u308c\u3070\u30012,178\u4e07\u5186\u3068\u306a\u3063\u305f\u3002\u58f2\u5374\u4fa1\u683c\u3067\u306f\u3001\u8a08\u7b97\u5f0f\u3092\u5f53\u3066\u306f\u3081\u305a\u306b\u60f3\u5b9a\u4fa1\u683c\u3092\u305d\u306e\u307e\u307e\u4f7f\u7528\u3059\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3002\u305d\u306e\u5834\u5408\u306e\u4e0d\u52d5\u7523\u4fa1\u683c\u306f\u30012,521\u4e07\u5186\u3068\u306a\u308b\u306e\u3060\u3002DCF\u6cd5\u306f\u96e3\u89e3\u3067\u624b\u9593\u306f\u304b\u304b\u308b\u304c\u3001\u7cbe\u5bc6\u306a\u4e0d\u52d5\u7523\u4fa1\u683c\u3092\u628a\u63e1\u3067\u304d\u308b\u305f\u3081\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u5f79\u7acb\u3066\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2>\u53ce\u76ca\u9084\u5143\u6cd5\u3092\u6d3b\u7528\u3059\u308b\u30e1\u30ea\u30c3\u30c8<\/h2>\n<p>\u76f4\u63a5\u9084\u5143\u6cd5\u3084 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